The New York Stock Exchange is expecting to schedule a member vote on its merger with Archipelago, the electronic stock exchange, in late November, despite lawsuits being filed against the deal.

John Thain, chief executive of the NYSE, said in a letter to seat holders after a town hall meeting that regulatory filings related to the transaction are proceeding on track.

The NYSE has been unsuccessful in stopping litigation by some members against the deal and expects a hearing in the middle of next month. Thain said: "We continue to believe that this lawsuit is without merit and will result only in our having less excess cash to distribute to the members. We do not believe that you should be denied your right to vote."

A new floor broker organisation, the Independent Broker Action Committee, has been established, to address concerns about the auction market related to next year's introduction of the NYSE's Hybrid Market, a mixture of the auction market and electronic trading.

Thain confirmed that the exchange is going to launch a secondary offering of between $1bn (€832m) and $2bn shortly after the closing of the deal, subject to market conditions. He said: "This would give members significant liquidity much sooner than the expiration of the lock-ups."

The letter said that the implied market value of the new NYSE Group is $6bn.

The town hall meeting discussed Thain's talks with private equity firms Bain and The Blackstone Group in June. He said: "No offer was made by this group. We are not seeking capital or a minority investor. We are not seeking to sell the NYSE."